Mar 31, 2015
A) Basis of Preparation of Financial Statements
The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies Act, 2013 ("the 2013 Act")/Companies Act, 1956 ("the Act 1956"), as applicable. These financial statements have been prepared on an accrual basis and under the historical cost conventions.
b) Use of Estimates
The preparation of financial statements in confirmity with generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Differences between actual results and estmates are recognised in the period in which the results are known / materialised.
c) Revenue Recognition
Revenue is recognised upon rendering of service provided collectability is reasonably certain. Reevenue comprises sale of airline ticket, Rail ticket, arrangement for cruise service and other allied services relating to travel agency, including management and operating fees.
d) Fixed Assets
Fixed Assets are stated at cost of acquisition/installation less accumulated depreciation. The cost of assets comprises of purchase price and directly attributable cost of bringing the assets to working condition for its intended use.
e) Depreciation and Amortization
i) In respect of fixed assets (other than freehold land and capital work-in-progress) acquired during the year, depreciation/ amortisation is charged on a straight line basis so as to write off the cost of the assets over the useful lives and for the assets acquired prior to 1 April, 2014, the carrying amount as on 1 April, 2014 is depreciated over the remaining useful life in terms of the provisions of Schedule II of the Companies Act, 2013.
ii) Outstanding balances of Preliminary expenses & Merger expenses has been amortised during the year.
f) Earning Per Share
Basic and Diluted Earnings per shares are calculated by dividing the net profit attributable to the ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.
Provision for current tax is made after taking in to consideration benefits admissible under the provisions of the Income Tax Act, 1961, Deferred tax resulting from "timing difference" between taxable and accounting income is accounted for using the tax rates and law that are enacted or substantively enected as on the balance sheet date. Deferred tax assets is recognised and carried forward only to the extent that there is virtual certainty that the assets will be realised in future.
h) Provision & Contingent Liability
A provision is recognized when there is a present obligation as a result of past event, that probably requires an outflow of resources and a reliable estmate can be made to settle the amount of obligation. These are reviewed at each year end and adjusted to reflect the best current estmates. Contingent liabilities are not recognised but disclosed in the financial statements.
Mar 31, 2012
A, Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention in accordance with the generally accepted accounting principles in India and the provisions of the Companies Act, 1956,
B, Use of Estimates
The preparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results are known materialized.
C, Revenue Recognition
All items of Incomes accounted for on accrual basis except where ultimate collection of the same lacks reasonable certainty.
All items of Expenditures are accounted on accrual basis,
E, Provision for Income Tax and Deferred Tax
Provision for income Tax is made after taking into consideration benefits admissible under the provisions or the Income Tax Act, 1961.
The Company has not recognized any deferred taxes (asset/liability) subject to consideration of prudence,
F, Provision, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement are recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statements.
G, Preliminary Expenses
Preliminary Expenses are to be amortized equally over the period of five years from the year in which business is commenced.
H. Fixed Assets
Fixed assets are stated at acquisition cost less depreciation. Cost includes taxes, duties, freight, installation and other direct or allocated expenses.
Depreciation on Fixed Assets is provided on Written Down Method (WDV) at (he rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 (As amended). Depreciation is provided on pro- rata basis on additions and deletions from the date the assets were put to use or up to the date of sale,'transfer as the case may be.